{"id":34150,"date":"2026-06-01T14:02:42","date_gmt":"2026-06-01T12:02:42","guid":{"rendered":"https:\/\/xoinvestments.ch\/?p=34150"},"modified":"2026-06-01T14:07:56","modified_gmt":"2026-06-01T12:07:56","slug":"gold-at-the-hearth-of-the-monetary-system-8","status":"publish","type":"post","link":"https:\/\/xoinvestments.ch\/en\/actualites\/gold-at-the-hearth-of-the-monetary-system-8\/","title":{"rendered":"Gold at the hearth of the monetary system"},"content":{"rendered":"\t\t
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XO INVESTMENTS’ services for private clients range from wealth management to pension advice.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\r\n\t\t\t<\/span>\r\n\t\t\t\r\n\t\t\t\tAugust\r\n\t\t\t\r\n\t\t\t<\/h4>\r\n\t\t

\r\n\t\t\t\r\n\t\t\t\tGold at the hearth of the monetary system\r\n\t\t\t\r\n\t\t\t<\/h1>\r\n\t\t
The customs duties imposed and then removed on Switzerland for the delivery of gold billion highlight the growing role of gold in global geopolitics and central bank policy <\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\r\n\t\t\t\r\n\t\t\t\tConsommation de p\u00e9trole en hausse\r\n\t\t\t\r\n\t\t\t<\/h2>\r\n\t\t<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Switzerland is one of the countries hardest hit by the Trump administration’s customs duties, with tariffs of 39%. This 39% corresponds to the 39 billion trade deficit in goods between the United States and Switzerland. The 39 billion is largely due to exports of refined gold from Switzerland. While customs tariffs initially also applied to 1kg ingots, President Trump quickly changed his mind, ultimately exempting all gold exports, even though they were the cause of the US deficit… <\/p>

The turnaround on gold is simply a consequence of Switzerland’s dominant position in refining. Indeed, 70% of global refining is carried out in Switzerland, so it is easy to understand how such restrictions would make it difficult for the United States to source precious metals. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\r\n\t\t\t\r\n\t\t\t\tAnnual gold refining worldwide\r\n\t\t\t\r\n\t\t\t<\/h2>\r\n\t\t<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Les Etats-Unis restent les premiers consommateurs au monde avec presque 20% de consommation journali\u00e8re, devant la Chine (16% de la consommation mondiale).\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\r\n\t\t\t\r\n\t\t\t\tCapacity of major refineries\r\n\t\t\t\r\n\t\t\t<\/h2>\r\n\t\t<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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En termes de consommation par habitant les Etats-Unis sont dans le top 10 mais loin derri\u00e8re l\u2019Arabie saoudite ou le Qatar. C\u2019est avec le Canada le pays occidental le plus consommateur de p\u00e9trole. La Suisse, l\u2019Italie ou la France consomment environ 380 gallons par an et par habitant, soit 2,5 fois moins que les Etats-Unis. Les Etats-Unis sont en termes \u00e9conomiques d\u00e9pendants, voire addicts, au p\u00e9trole.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\r\n\t\t\t\r\n\t\t\t\tConsommation annuelle (Gallons par hab) \r\n\t\t\t\r\n\t\t\t<\/h2>\r\n\t\t<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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La demande de p\u00e9trole par secteur permet de comprendre la consommation am\u00e9ricaine puisque ce sont les routes (bitume et essence) qui repr\u00e9sentent 45% de la consommation totale. Les Etats-Unis et l\u2019individualisme sont symbolis\u00e9s par la voiture individuelle et donc la cause de cette d\u00e9pendance. L\u2019aviation ou le carburant maritime ne repr\u00e9sentent qu\u2019une infime portion de la consommation totale.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\r\n\t\t\t\r\n\t\t\t\tsupply and demand for gold (tonnes)\r\n\t\t\t\r\n\t\t\t<\/h2>\r\n\t\t<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\r\n\t\t\t\r\n\t\t\t\tLes Etats-Unis devenus producteurs\r\n\t\t\t\r\n\t\t\t<\/h2>\r\n\t\t<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Conscients de cette d\u00e9pendance, les administrations am\u00e9ricaines successives ont progressivement corrig\u00e9 cette vuln\u00e9rabilit\u00e9 strat\u00e9gique. D\u2019importateur net de p\u00e9trole dans les ann\u00e9es 1970 \u00e0 2000, les Etats-Unis ont mis en place une politique de production de grande envergure jusqu\u2019\u00e0 devenir il y a quelques ann\u00e9es un exportateur net puisque la production a d\u00e8s 2020 d\u00e9pass\u00e9 la consommation. L\u2019utilisation du p\u00e9trole de schiste est une des explications de cette mont\u00e9e en puissance.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\r\n\t\t\t\r\n\t\t\t\tDemand for gold (%)\r\n\t\t\t\r\n\t\t\t<\/h2>\r\n\t\t<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Les Etats-Unis sont donc devenus le premier producteur de p\u00e9trole au monde devant l\u2019Arabie saoudite et la Russie. Une mani\u00e8re de rendre moins sensible l\u2019\u00e9conomie am\u00e9ricaine \u00e0 une d\u00e9cision de l\u2019OPEP ou \u00e0 une hausse majeure du prix du p\u00e9trole.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\r\n\t\t\t\r\n\t\t\t\tPlus gros producteurs de p\u00e9troles (millions de baril jour), 2024\r\n\t\t\t\r\n\t\t\t<\/h2>\r\n\t\t<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Demand for gold has been slightly lower than supply for the past 10 years. Four major sectors account for this demand: jewellery (45%), technology (5%), investment (26%) and central banks (24%). The latter has seen the most growth since 2010. Demand from central banks has exceeded the increase in supply over the period. Central banks have therefore more than captured the growth in gold production since 2010. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\r\n\t\t\t\r\n\t\t\t\tPlus grandes soci\u00e9t\u00e9s p\u00e9troli\u00e8res et gazi\u00e8res, revenus en milliards USD\r\n\t\t\t\r\n\t\t\t<\/h2>\r\n\t\t<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\r\n\t\t\t\r\n\t\t\t\tG\u00e9opolitique du p\u00e9trole\r\n\t\t\t\r\n\t\t\t<\/h2>\r\n\t\t<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Le p\u00e9trole est au c\u0153ur des enjeux g\u00e9opolitiques depuis la fin de la seconde guerre mondial. Il est d\u2019autant plus important qu\u2019il d\u00e9pend d\u2019un mode de transport facilement perturbable. La fermeture de points n\u00e9vralgiques du trafic maritime paralyse imm\u00e9diatement l\u2019approvisionnement entra\u00eenant ainsi des p\u00e9nuries. Le d\u00e9troit d\u2019Ormuz est le principal point de tension avec pr\u00e8s de 25 millions de barils par jour transitant dans ses eaux, devant le d\u00e9troit de Malacca et le Canal de Suez. Le contr\u00f4le des eaux internationales devient lui-m\u00eame un enjeu de s\u00e9curit\u00e9 \u00e9nerg\u00e9tique.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\r\n\t\t\t\r\n\t\t\t\tPassages p\u00e9troliers (Millions de barils jour)\r\n\t\t\t\r\n\t\t\t<\/h2>\r\n\t\t<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Outre le flux de production annuel, l\u2019autre point crucial est constitu\u00e9 par les r\u00e9serves prouv\u00e9es dans le monde. Alors que les Etats-Unis produisent et consomment 20% du p\u00e9trole par an, ils ne d\u00e9tiennent que 5% des r\u00e9serves prouv\u00e9es, n\u00e9cessitant pour les Etats-Unis de pouvoir trouver des partenaires pour assurer la production \u00e0 long terme. Le Venezuela est le premier pays en termes de r\u00e9serves de p\u00e9trole. Et il est d\u00e9sormais sous contr\u00f4le am\u00e9ricain. L\u2019Iran est le 3\u00e8me<\/sup>. La g\u00e9opolitique n\u2019est ici que le reflet des \u00e9quilibres p\u00e9troliers\u2026 ou l\u2019inverse\u2026<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\r\n\t\t\t\r\n\t\t\t\tParts des r\u00e9serves de p\u00e9trole, 2025\r\n\t\t\t\r\n\t\t\t<\/h2>\r\n\t\t<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\r\n\t\t\t\r\n\t\t\t\tL\u2019inflation en question\r\n\t\t\t\r\n\t\t\t<\/h2>\r\n\t\t<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Reste une derni\u00e8re question quant \u00e0 une crise \u00e9nerg\u00e9tique\u00a0: l\u2019impact de la hausse du prix du p\u00e9trole sur l\u2019inflation. Le p\u00e9trole repr\u00e9sente 40% des indices mondiaux de mati\u00e8res premi\u00e8res. Il impacte directement les prix de l\u2019essence, donc du transport ou de chauffage et se r\u00e9percute indirectement sur un nombre \u00e9norme de biens et services, en particulier la nourriture.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\r\n\t\t\t\r\n\t\t\t\tPoids du p\u00e9trole dans l\u2019indice S&P GSCI\r\n\t\t\t\r\n\t\t\t<\/h2>\r\n\t\t<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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L\u2019\u00e9lasticit\u00e9 p\u00e9trole\/inflation est relativement facile \u00e0 estimer. Une hausse de 10% du prix du p\u00e9trole implique une hausse de 0,2 \u00e0 0,4 point pour l\u2019indice des prix \u00e0 la consommation (CPI headline), avec un pic sous 3 \u00e0 6 mois. Et malheureusement, ce sont les m\u00e9nages les plus modestes qui vont \u00eatre le plus impact\u00e9s par cette hausse puisque les d\u00e9penses d\u2019essence repr\u00e9sentent 3.5% en moyenne de leurs d\u00e9penses annuelles. Une hausse du prix du p\u00e9trole de 50% (hors taxes), impacte donc de pr\u00e8s de 2% les d\u00e9penses totales.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\r\n\t\t\t\r\n\t\t\t\tD\u00e9penses en essence en % des d\u00e9penses moyennes annuelles, selon classement des d\u00e9ciles de revenus aux Etats-Unis\r\n\t\t\t\r\n\t\t\t<\/h2>\r\n\t\t<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\r\n\t\t\t\r\n\t\t\t\tVers la fin du p\u00e9trodollar ?\r\n\t\t\t\r\n\t\t\t<\/h2>\r\n\t\t<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Les Etats-Unis ont mis en place apr\u00e8s la Seconde Guerre mondiale un monde bas\u00e9 sur le p\u00e9trodollar. Les Etats-Unis ach\u00e8tent le p\u00e9trole du Moyen-Orient (Arabie saoudite et Emirats arabes unis), les prot\u00e8gent militairement et leur demandent d\u2019acheter leur dette en USD. La modification des \u00e9quilibres mondiaux en faveur des BRICS les a conduits \u00e0 tenter de r\u00e9duire leur d\u00e9pendance en accroissant leur production en devenant ainsi exportateur net mais \u00e9galement \u00e0 s\u2019accaparer les r\u00e9serves des pays les plus richement dot\u00e9s, en premier lieu le Venezuela.\u00a0<\/p>

La volont\u00e9 des Iraniens mais aussi d\u2019autres \u00e9tats de vendre d\u00e9sormais leur p\u00e9trole dans d\u2019autres devises que l\u2019USD cr\u00e9e une nouvelle p\u00e9riode d\u2019instabilit\u00e9 mondiale. Les BRICS la provoquent, les Etats-Unis s\u2019y pr\u00e9parent. Reste \u00e0 savoir si les Europ\u00e9ens ont pris conscience de ces dynamiques\u2026<\/p>

En voulant r\u00e9duire la d\u00e9pendance au p\u00e9trole, assurer son approvisionnement, Donald Trump n\u2019est-il pas en train d\u2019acc\u00e9l\u00e9rer la fin de l\u2019\u00eatre du p\u00e9trodollar\u00a0?<\/p>

\u00ab\u00a0<\/em>Du temps que les femmes ne votaient pas, on faisait la guerre pour elles. Maintenant qu’elles votent, on la fait pour le p\u00e9trole. Est-ce un progr\u00e8s\u00a0?<\/em><\/a>\u00a0\u00bb.<\/em> Boris Vian<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

The dynamic US economy is focusing investors’ attention on equities with strong growth prospects.
The level of interest rates should not detract from the attractiveness of international bonds in the
current environment.<\/p>\n","protected":false},"author":3,"featured_media":34171,"comment_status":"closed","ping_status":"open","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[53,65,12,55,52],"tags":[72,73,71],"class_list":["post-34150","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economie","category-economy","category-finance","category-geopolitique","category-marches-financiers","tag-investors-en","tag-marketing-en","tag-payment-en"],"acf":[],"yoast_head":"\nGold at the hearth of the monetary system | XO Investments<\/title>\n<meta name=\"description\" content=\"Gestion de fortune et conseil pour investisseurs priv\u00e9s et institutionnels. Comment, o\u00f9, quand investir? 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